When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

Mumbai Indians lost 8 consecutive matches: Became the first team to do so in any season, it was very difficult to reach the playoffs

Mumbai Indians became the first team to lose the first 8 matches of any IPL season with a crushin

Tirupati Prasad Row: 'The sanctity of Laddu Prasadam has been restored', Tirupati temple administration issued a statement

After the controversy over the use of animal fat in Tirupati's famous Laddu Prasadam, now the tem

Bangladesh: Suspect Iqbal Hussain arrested for keeping Quran at Durga Puja site

Police have arrested the main suspect in the communal violence that took place in several areas d

Delhi Rains: Road turned into a river again in Old Rajendra Nagar, and water entered another coaching center as well

Even after the death of three students due to drowning water entered the basement of Rao IAS Stud

Delhi: Manish Sisodia wrote a letter to the Prime Minister, saying- 'It is necessary to have an educated PM for India's progress

Manish Sisodia has raised the question of Prime Minister Narendra Modi being educated by writing

Big shock: Maratha community will not get 16 percent reservation, Supreme Court revokes state government's decision

The Supreme Court has given a major setback to the Maharashtra government on the Maratha reservat

Vande Bharat Train: These two states will get the gift of the 'Vande Bharat Express' train, which will be the speed

Vande Bharat Express Route In India: Indian Railways is soon going to give Vande Bharat Express T

India said, WHO reached the conclusion in a hurry: The cough syrup made in India was called fatal; The government bid – the quality was right

The government has responded to the World Health Organization (WHO) matter of calling cough syrup

Bhuvan Bam: BB's Vines fame Bhuvan Bam is now bringing 'Latest News', which will debut on OTT

Bhuvan Bam has emerged as a well-known name on social media over the years. He is a comedian, wri

Petrol Diesel Price: Oil companies have released the prices of petrol and diesel, know how much are the prices in your city

Oil companies have released the prices of petrol and diesel for today. Today companies have not m

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash